Archive for August, 2012

Tropical depression Isaac was downgraded from tropical storm status as of the 5PM EDT advisory Thursday. Isaac was and still is a large feature. Isaac trailed feeder bands as far as 750 miles (1,200 km) east of New Orleans, causing 5 inches of rain as far away as Charleston, South Carolina. Tropical storm force winds spanned at least 400 miles during the storm. Central pressure during landfall was about 968 mb, consistent with some category-3 hurricanes.

Strategic Growth and International Expansion a Priority for Lloyd’s, According to Guy Carpenter Report: A new report on the Lloyd’s insurance market published by Guy Carpenter finds that Lloyd’s is looking to improve its global competitiveness despite mounting challenges including low investment returns, record catastrophe losses, subdued economic growth in developed markets and uncertainty over the future of the Eurozone. Lloyd’s: A Vision for Targeted Growth provides an analysis of Lloyd’s operational performance, growth within the sector and explores how changes to the Market’s strategy will impact key players within the insurance industry.

For the near-term, Lloyd’s announced its most recent three-year strategic plan (2012-2014) in December 2011, laying out its key priorities for 2012 and beyond. The implementation of Solvency II is one of its top priorities. Lloyd’s plans to continue to lobby the Financial Services Authority (FSA) to ensure Solvency II and other planned European regulations are appropriate for Lloyd’s and to fully understand the impact they will have on Lloyd’s international licenses. Despite the continued uncertainty over implementation dates for Solvency II, Lloyd’s will issue guidance on suggested practice and ensure that managing agents and syndicates meet its requirements.

Since it was founded in 1688, Lloyd’s has played a key role within the global (re)insurance sector. The initial focus was to offer shipping and cargo insurance coverage to London merchants traveling around the globe from its original base at Edward Lloyd’s Coffee House.

Hurricane Isaac made a second landfall near the mouth of the Mississippi River, at Port Fourchon, Louisiana early this morning, exactly seven years following the landfall of Katrina. The storm center is presently about 45 miles Southwest of New Orleans. Isaac is a large and slow-moving storm, with potential hazards as far away as east Texas and west Florida. Hurricane conditions can be expected to continue for warned areas into this afternoon.

Guy Carpenter is publishing its Lloyd’s of London report, Lloyd’s: A Vision for Targeted Growth, at a pivotal and exciting point in the Market’s evolution. Throughout its nearly 325 years of existence, Lloyd’s has endured many challenges to evolve into the
dynamic marketplace it has become today. Lloyd’s not only enjoys a solid brand and is a preferred market for many insurers around the globe, but its financial strength can be a key differentiator for future growth. In the current environment, Lloyd’s - as the rest of the (re)insurance sector - faces the prospect of subdued growth in established markets. As Lloyd’s looks to the future and aims to expand its platform to better service international clients, it has developed a new strategy that will address slower economic growth in developed markets, uncertainty over the future of the Eurozone and low investment returns.

Tropical Storm Isaac continues to intensify as it continues its slow trek through the Northern Gulf. Isaac threatens the Northern Gulf seven years following the landfall of Hurricane Katrina, and marking what will be the first U.S. landfalling hurricane in the area since 2008.

A new reporton the Lloyd’s insurance market published today by Guy Carpenter & Company finds that Lloyd’s is looking to improve its global competitiveness despite mounting challenges including low investment returns, record catastrophe losses, subdued economic growth in developed markets and uncertainty over the future of the Eurozone. Lloyd’s: A Vision for Targeted Growthprovides an analysis of Lloyd’s operational performance, growth within the sector and explores how changes to the Market’s strategy will impact key players within the insurance industry.

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